Fulton Financial (US:FULT)2025-11-07 21:32Financial Performance - Net income available to common shareholders for Q3 2025 was $97.9 million, a 61.4% increase from $60.6 million in Q3 2024[141]. - Net income for Q3 2025 was $100.454 million, a 59% increase from $63.206 million in Q3 2024[149]. - Operating net income for the nine months ended September 30, 2025, reached $305.076 million, up 23.4% from $246.860 million in the same period of 2024[149]. - The return on average common shareholders' equity for Q3 2025 was 12.26%, up from 8.13% in Q3 2024[139]. - The efficiency ratio improved to 56.5% in Q3 2025, compared to 59.6% in Q3 2024[139]. - Total revenue for the nine months ended September 30, 2025, was $989.990 million, compared to $909.107 million in the same period of 2024[150]. Interest Income and Margin - Net interest income for the nine months ended September 30, 2025, was $770.3 million, up $63.6 million from $706.7 million in the same period of 2024[146]. - The net interest margin (NIM) increased to 3.57% in Q3 2025, compared to 3.49% in Q3 2024[139]. - Net interest income for Q3 2025 was $264.198 million, an increase from $258.009 million in Q3 2024, with a net interest margin of 3.57%[151]. - Net interest income for Q3 2025 was $268.6 million, an increase of $6.2 million from $262.4 million in Q3 2024, with a net interest margin (NIM) of 3.57%, up 8 basis points year-over-year[151]. - Net interest income for the nine months ended September 30, 2025, was $783.5 million, an increase of $63.2 million compared to the same period in 2024[169]. Non-Interest Income and Expenses - Non-interest income decreased to $206.8 million in Q3 2025, down $3.0 million from $209.8 million in Q3 2024[146]. - Non-interest income increased by $10.7 million, or 18.0%, in Q3 2025 compared to Q3 2024, with significant contributions from cash management and wealth management revenues[166]. - Non-interest expenses were $578.8 million in Q3 2025, a decrease of $24.3 million compared to $603.2 million in Q3 2024[146]. - Total non-interest expense decreased by $29.5 million, or 13.1%, to $196.6 million for Q3 2025 compared to Q3 2024[167]. - Non-interest expense for the nine months ended September 30, 2025 decreased by $24.3 million, or 4.0%, compared to the same period in 2024[187]. Credit Losses and Allowance - The provision for credit losses was $32.7 million, resulting in an allowance for credit losses (ACL) of $376.3 million, or 1.57% of total net loans as of September 30, 2025[146]. - The provision for credit losses was $10.2 million for Q3 2025, resulting in an allowance for credit losses of $376.3 million, or 1.57% of total net loans[164]. - Provision for credit losses decreased by $22.2 million to $32.7 million for the nine months ended September 30, 2025, compared to $54.9 million for the same period in 2024[183]. - The allowance for credit losses (ACL) to non-performing loans ratio improved to 189% as of September 30, 2025, compared to 172% as of December 31, 2024[200]. Assets and Liabilities - Total average assets as of September 30, 2025, were $31.924 billion, slightly up from $31.895 billion in 2024[149]. - Total assets decreased by $76.7 million, or 0.2%, from $32,071.8 million on December 31, 2024, to $31,995.1 million on September 30, 2025[189]. - Total liabilities decreased by $293.0 million, or 1.0%, to $28.581 billion as of September 30, 2025[189]. - Total deposits increased by $203.1 million, or 0.8%, from $26,129.4 million to $26,332.5 million[189]. - Average total deposits increased by $2.3 billion, or 9.4%, to $26.20 billion for the nine months ended September 30, 2025, driven by increases in interest-bearing demand deposits, savings and money market deposits, and time deposits[178]. Shareholder Actions - The Corporation repurchased 2,203,767 shares of common stock at a cost of $39.8 million during the nine months ended September 30, 2025[146]. - The Corporation's total risk-based capital ratio was 15.0% as of September 30, 2025, exceeding the regulatory minimum of 8.0%[220]. - Total uninsured deposits were estimated at $9.7 billion as of September 30, 2025, up from $9.4 billion at the end of 2024[210]. Tax and Regulatory - The effective tax rate (ETR) for the three months ended September 30, 2025 was 21.4%, compared to 20.7% for the same period in 2024[168]. - The effective tax rate (ETR) for the nine months ended September 30, 2025 was 19.9%, up from 14.8% for the same period in 2024[188].